
Contents
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The Roots of Speculation Under Uncertainty: Some Conceptual Issues The Roots of Speculation Under Uncertainty: Some Conceptual Issues
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Future Markets in Commodities: Keynes as a Speculator Future Markets in Commodities: Keynes as a Speculator
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Current Scenario of Rising Commodity Prices in the Global Market: Financialization of Commodity Markets Under Future Trading Current Scenario of Rising Commodity Prices in the Global Market: Financialization of Commodity Markets Under Future Trading
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The Indian Scene: Rising Food Grain Prices and the Future Market—A Similar Pattern of Financialization in Commodity Markets? The Indian Scene: Rising Food Grain Prices and the Future Market—A Similar Pattern of Financialization in Commodity Markets?
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Notes Notes
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References References
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11 11 Uncertainty and Speculation in the Keynesian Tradition: Relevance in Commodity Futures
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Published:March 2013
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Abstract
Dwelling on the possibility of moving funds over time and space in de-regulated markets the chapter deals with the incentives for speculation relating to derivatives which often consist of forwards, futures, options and swaps, in financial and commodity markets. Dealing with the notion of uncertainty in the literature, the paper addresses the theoretical position of Keynes on uncertainty and his practical experience as a speculator in commodity markets. Discussing the prevailing scenario, it is pointed out that often trading in commodities remains subject to the portfolio adjustments by financial investors for whom information relating to multiple markets turn out as more important than those relating to physical trading of commodities. The chapter stresses the need for regulation, both in the stock market as well as in future markets for commodities, to bring back some semblance of a coordination between financial and real activities.
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